Study: 83% Of Consumers Rate Transparency & Ethical Behaviour As Greatest Trust Builders

Study: 83% Of Consumers Rate Transparency & Ethical Behaviour As Greatest Trust Builders

Organisations that embrace ‘intelligent risk’ and prioritise ethics and transparency will gain competitive advantage over less risk-savvy competitors, according to new research. 

SAI Global’s inaugural Consumer Trust Index found that 83 per cent of consumers globally rate transparency and ethical behaviour as vital to building trust. Topping the list at 88 per cent is a reputation for good quality products and services. 

The global risk management firm surveyed 3,035 consumers globally between November 2016 and January 2017 to help businesses understand what trust means to them – how it is built, protected, lost and restored. 

The index indicates that 43 per cent of customers would never return to a company following a data breach. Poor customer experience (31 per cent) and poor treatment of employees (29 per cent) would also keep customers away. 

The report also highlights three key areas that can help businesses minimise the loss of trust and protect it going forward: 

Handle failure well

Forty-seven per cent of consumers strongly believe that trust can be won back if responsibility for a failure is acknowledged, systems to prevent repeat errors are established and quality service is ongoing. 

Companies that are vigilant in their response to crises and use a risk management framework to prepare and guide them through are more likely to win back the trust of their customers, according to the study. 

Embed a risk-aware culture

Eighty-two percent of consumers believe excellent customer service and providing quality goods and services are signs of trustworthiness. 

SAI noted that the use of quality management systems that embed a risk-aware culture are essential for companies to deliver a positive customer experience and build trust. 

Take an intelligent risk approach 

Taking an ‘intelligent risk’ approach – identifying, managing and optimising risks – will help organisations minimise consumer trust issues, the research found. 

This enables organisations to focus on strategic goals, understand their risk appetite and allow them to take advantage of opportunities – all while building trust with their customers. 

Peter Granat, chief executive of SAI Global, said taking an intelligent approach to dealing with organisational risk is critically important for businesses to ensure continued success. 

“With technology rapidly altering and expanding public access to information, understanding consumer trust and knowing how to protect it is imperative,” he said. 

“Trust is a powerful, valuable and fragile business asset – once lost, it can be difficult to win back. 

“Today’s consumers wield enormous power in the trust relationship, which is why it’s so important to understand and protect their trust – particularly during times of crisis.” 




Please login with linkedin to comment

consumer trust Consumer Trust Index SAI Global

Latest News

Revium Snags Peter Bauld From Deloitte Digital
  • Advertising

Revium Snags Peter Bauld From Deloitte Digital

Revium, a leading full-service digital and AI consultancy, has announced the appointment of Peter Bauld (lead image) as Executive General Manager. Revium is a full-service digital and AI consultancy with over 20 years of experience creating engaging digital experiences for leading organisations and their customers. Bauld joins Revium after an illustrious career spanning over two […]

Veridooh Snatches Prashand Menon From ScentreGroup
  • Advertising

Veridooh Snatches Prashand Menon From ScentreGroup

Out-of-home OOH) and digital media leader Prashand Menon (lead image) has joined OOH ad tech company Veridooh as group business director within NSW and QLD. Menon joins Veridooh from his most recent role as ScentreGroup’s group business director and brings with him more than 10 years of experience in Australian media. Previously, he held positions […]

Kat & Co Transforms Into THE WORLD OF Experiential Agency
  • Advertising

Kat & Co Transforms Into THE WORLD OF Experiential Agency

After more than twelve years of producing experiences for some of the world’s most innovative brands, including Hermes, Van Cleef & Arpels, Louis Vuitton, and Tiffany & Co, Kat & Co has quietly metamorphosed into THE WORLD OF. THE WORLD OF is an experiential agency at the juncture of culture, technology and the human condition. […]

SMG Studio Launches Risk: Global Domination X Dune Part Two
  • Campaigns

SMG Studio Launches Risk: Global Domination X Dune Part Two

Through a licensing agreement with Legendary Entertainment, SMG Studio inked the rights to adapt Dune: Part Two into a game based on Risk: Global Domination, Hasbro’s interactive board game. Inspired by Denis Villeneuve’s cinematic masterpiece, Dune: Part Two, this new digital adaptation, RISK: Global Domination X Dune: Part Two, is poised to captivate players from […]

QMS: Taylor Swift, Lunar New Year & Mardi Gras Were Boon For OOH Market
  • Marketing

QMS: Taylor Swift, Lunar New Year & Mardi Gras Were Boon For OOH Market

Taylor Swift, Lunar New Year and the Sydney Gay and Lesbian Mardi Gras Festival have had a dramatic impact on the number of people moving in and around Sydney over the past month, drawing big crowds into the heart of the city and its surrounding suburbs. New data from digital outdoor company QMS reveals a […]